The Petroleum Industry

From boom to gloom or doom –The Story of Oil

“History does not repeat itself; man does. Barbara Tuchmann. Crude oil has always been slippery stuff – good when under control; destructive when out of control. Crude oil is about to destroy the Nigerian economy faster then Boko Haram or even Ebola. The government of President Jonathan, already besieged by such social “plagues” like the ongoing civil war in the Northeast, the missing Chibok girls, apparent refusal to fight corruption, and

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Nigeria fails to attract $100bn oil investments

In spite of a decline in oil reserves and increasing competition for investments from other African countries, Nigeria remains sluggish in attracting new investments estimated at $100bn needed to grow reserves and production. The country, which aims to ramp up production to four million barrels per day and grow the reserves to 40 billion barrels in 2020, has seen its reserves slump to 35 billion barrels from 37 billion barrels, according to the Department

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UAE, Turkey supply fake lubricants to Nigeria

The United Arab Emirates, Turkey, Russia, among others, are some of the countries on the list of lead suppliers of poor quality lubricants to the country, an industry report has stated. Nigeria’s open market model is said to be encouraging the importers of this brand of products, which has now become a serious threat to the local lubricant industry Read more

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$35m lost daily to oil theft – Confab committee

The National Conference Committee on Energy has said that the country is losing about 350,000 barrels of oil per day, estimated at about $35m, to crude oil theft and called on the Federal Government to wake up from its slumber and tackle the menace frontally. The Chairman of the committee, who is also a former Governor of Oyo State, Alhaji Rashidi Ladoja, stated this while presenting the report of his committee to the plenary in Abuja on Monday. Continue

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Enugu NNPC Depot To Begin Operations In July – PPMC

Mr Haruna Momoh, the Managing Director of Pipeline and Products Marketing Company (PPMC), said the NNPC depot in Enugu State would commence operations and discharge of petroleum products in July. Momoh made the disclosure on Tuesday in Enugu at a public enlightenment campaign on pipeline vandalism in the state. The managing director, represented by the Area Manager of the company, Mr Bassey Anam, said the company had achieved over 80 per cent resuscitation

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Port Harcourt refinery set to return to full production capacity

As part of efforts to boost the productivity of the country’s oil refinery at Port Harcourt, GE’s Distributed Power business is supplying GEL Utility Limited with three 25-megawatt (MW), trailer-mounted, TM2500+ aero-derivative gas turbines to generate uninterrupted power at the refinery. The installation by GEL Utility Limited of GE’s mobile gas turbines at the Port Harcourt Refining Company (PHRC) facility will ensure the country’s largest

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Nigeria to sell 10,000 barrels of Sweet Crude to Indian Firm Daily

Nigeria will sell 10,000 barrels per day (bpd) of its light sweet crude to an Indian State-run Bharat Petroleum Corporation (BPCL) based on a deal signed by Chevron and the Indian corporation. However, Reuters reported that the contract states that that Chevron will provide barrels of light sweet crude to the Indian company at the official selling price, the contract is for the year ending March 2013. Read more

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PIB and the Niger Delta

With the latest move to address the petrol-carbon sector in Nigeria through the Petroleum Industry Bill, Nigerians are anxious to see how far it will go in addressing among others: the legal, fiscal and regulatory framework, the guidelines for the operation of the upstream, midstream and the downstream sectors, the redistribution  of economic rent in the host oil producing communities, the impact on the environment, especially gas flaring. What

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E-Conference Report: THE PIB & YOU by Spaces for Change

The new version of the PIB seamlessly weaves some notably progressive provisions with a number of disturbing additions that require serious debate and reconsideration. In essence, the 223-page PIB includes plans to unbundle and list the state-owned Nigerian National Petroleum Corporation (NNPC) on the Nigerian Stock Exchange; increase taxation for deep offshore; and give the oil minister supervisory powers over all institutions in the industry.

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Oil and Gas Technical Background Paper by by Ms. Lois Laraba Machunga-Disu and Miss Zumunta Machunga-Disu

At present Nigeria's energy sector is dispersed in supervision and policies. The recommended structure to meet those future needs starts with the revision of Nigeria's current policy and structure. Nigeria's hydrocarbon natural resource (crude oil and natural gas) in spite of its abundance and as the mainstay of over 80% of revenues to the nation, has NOT served as a catalyst for economic growth neither has it served as the major source of energy

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